Merchandise exports fetched Bangladesh US$5.18 billion in February 2024, recording a 12.04-percent year-on-year growth, with apparel shipments overwhelmingly dominating the invoice as usual.
Export receipts amounted to US$4.63 billion in February 2023, according to Export Promotion Bureau (EPB) data published Monday.
Out of the total February '24 earnings, readymade garment (RMG) fetched US$4.49 billion, registering a 13.92-percent growth, for the second successive month after three consecutive months of negative growth since October 2023.
The apparel sector alone earned US$3.94 billion in February 2023.
The February 2024 earnings, however, slightly missed the target by 0.98 per cent.
The country's overall exports during the first eight months of the current fiscal year (FY) also marked a growth by 3.71 per cent to US$38.45 billion.
During the July-February period of FY 2022-23, Bangladesh earned US$37.07 billion, the EPB data showed.
The overall export earnings, however, fell 6.48 per cent short of the target set for the period.
Asked about the trade performance, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan reiterated that 2023 was a challenging and difficult year for them as buyers placed less work orders and sold from their piled-up inventory.
"Global market was slow while local shipments witnessed negative growth in major markets," he said. "But we could navigate as the buyers' stocks started decreasing at the end of last year, resulting in the rise of work orders."
The association chief also said shipments to the new markets and diversification within the RMG with development of some of the value- added products also played important roles in bringing the export earnings back on the positive track.
To sustain the pace, he stressed the need for ensuring uninterrupted supply of energy and easing customs procedures, and expressed concern over the latest electricity price hike that would affect the performance by increasing the cost of production.
During July-February period of FY 2023-24, the RMG exports fetched the country $32.85 billion -- US$18.59 billion from knitwear and US$14.26 billion from woven garments-marking a 4.77-percent growth, according to the EPB data.
On the downside, the home-textile sector witnessed a decline of 29.94 per cent during the July-February period of FY '24, with earnings amounting to $539.35 million.
According to the EPB data, exports of jute and jute goods during the period under review stood at $581.55 million, registering a fall of 4.68 per cent.
Earnings from agricultural items like vegetables, fruits and dry foods, however, registered a growth of 3.49 per cent to $636.51 million during the first eight months.
Export earnings from engineering products decreased by 3.26 per cent to $337.94 million during the July-February period while frozen and live fish exports decreased 14.1 per cent to $273.97 million.
Bangladesh received $712.68 million from the export of leather and leather goods in July-February, registering a negative growth of 14.38 per cent.
Pharmaceutical exports fetched $134.15 million, registering a 12.67 per cent growth.
Export earnings from footwear other than leather items also increased by 8.7 per cent to $341.35 million.
The EPB data also showed that exports of plastic products witnessed a 16.82 per cent growth, reaching $161.62 million.
In a much-anticipated relief amid a foreign-exchange crunch, Bangladesh in the last fiscal year bagged a record-high of $55.55 billion in earnings from merchandise exports, riding on a double-digit growth for readymade garments.
munni_fe@yahoo.com